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POPSBank can't prove it owns the mortgage, Judge writes off $460k debt This is why Rep. Kaptur was telling people facing eviction to squat in their own homes , refuse to be evicted, and make the bank demonstrate in court that the debt is legitimate . Possession is 9/10 of the law. I predict that this is the first tremble of a massive shock-wave about to move through our economy.
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POPSOn Complexity, Chaos & Collapse The size of the financial sector must be reduced. It's original purposes have been perverted. Its very size is a measure of it dysfunction. They have confused their self-serving maps of the territory for the territory itself.
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POPSGenius: Mortgage Program Will Spend $3,000,000 per Loan Repair 
Three million mortgages are believed to be eligible for HAMP with 500,000 in a trial phase. The trial was supposed to last three months, but it has since been stretched to five months . The Doctor believes that many of these "repaired" loans will simply re-default. Why? For one reason, the underwriting (courtesy of TurboTax Tim) for the program uses "stated income", not verified income. These are the very same "liar's loans" that helped trigger the mortgage meltdown! Examining the chart, of the 50,130 trial modifications entered into in May, only 1,711 (or only 3%) resulted in a permanent modification! As The Huffington Post reported a few days ago, the low number of permanent modifications is still appallingly low ("HAMP will come nowhere close to keeping up with foreclosures"). Among the reasons for the low conversion rate: failure to make timely payments (doh!), failure to assemble necessary documentation (like income verification), and other . . .
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POPSAt 10% Unemployment America Still Doesn't Have Enough Workers But of course, it's really not much a paradox at all. After years and years of a housing bubble, we have millions of Americans trained in some capacity relating to housing, and those skills are no longer needed. Concepts like this should shred anyone's notion of an output gap. Sure, American hands are underutilized, but if those hands don't have anything to do that's productive, can they really be considered unused "capacity." No, they can't. And this is the problem with big, macro-thinking. You can point to two GDP trendlines and say "Look, undercapacity..." but that totally ignores the ground level where real employees have to find jobs that they're suited for, and no amount of expansionary practice can change that problem.
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POPS(NOT)Federal (NO)Reserve - Bank After watching this video This video here that i have clipped is a must see. It is the Beginning of the criminal control of these global Banking Families. http://clipmarks.com/clipmark/8D34CDB8-B4BA-475A-A016-BA569688751A/
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POPSAmerican Casino: A Documentary About the Home-Mortgage Crisis more @ clip source the Cockburns meet one guy in "American Casino" who understands the whole mess better than most, a California real estate investor named Jeff Greene who smelled the end of the housing bubble around 2006 and bet $1 billion against the mid-decade exuberance of Wall Street. Sitting in his walled and gated beach compound in Malibu, Greene calmly tells the camera that the opportunity for his successful hedge bet (which has yielded $500 million so far) involved massive pain for millions of homeowners.
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POPSIt's About Spain Today, Tomorrow....the US? Banks in Spain are manipulating the housing market by artificially shoring up excess demand. Are we to believe that buying 110,000 homes was an investment made for returns? I hope I don't hear a echo of this thinking in the U.S. Sadly, hopes do not dictate reality.
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POPSAmerican Dream or American Nightmare? Home-ownership is just a part of the american dream, and it's a part which has been unduly subsidized and distorted by the government, to the pont that it threatens the whole dream.
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POPSEntering the Greatest Depression in History Loose credit, easy spending and massive debt is what has led the world to the current economic crisis, spending is not the way out. The world has been functioning on a debt based global economy. This debt based monetary system, controlled and operated by the global central banking system, of which the apex is the Bank for International Settlements, is unsustainable. This is the real bubble, the debt bubble. When it bursts, and it will burst, the world will enter into the Greatest Depression in world history.
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POPSThe Three Scams The 3 biggest scams in America; and the worst thing is that they are all technically legal. 1) American Healthcare, the worst system in all the Western countries, ripping people off by charging them 50-100% more than they should be paying, if they can even afford it at all. 2) American Banking/Mortgages, even after the housing bubble popped, there are still no solid regulations preventing it from happening again 3) Credit Card Companies, charging rates on par with mafia loan sharks, with people held hostage to their rates because there is so much that can't be done in America without Credit. The Three Lynchpins of Corruption that need to be toppled if America wants to survive.
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POPSScam central Pretty simple explanation of what's going on around. Routine method of con-artists: scare, distract attention and then bilk disoriented people until they realized what to do. Old as world and still working flawlessly. With proper greasing...;)
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POPSGoldman Sachs - Scams & Bubbles
John McCain insisted that ending the moratorium on offshore drilling would be "very helpful in the short term," while Barack Obama in typical liberal-arts yuppie style argued that federal investment in hybrid cars was the way out. But it was all a lie. While the global supply of oil will eventually dry up, the shortterm flow has actually been increasing. In the six months before prices spiked, according to the U.S. Energy Information Administration, the world oil supply rose from 85.24 million barrels a day to 85.72 million. Over the same period, world oil demand dropped from 86.82 million barrels a day to 86.07 million. Not only was the shortterm supply of oil rising, the demand for it was falling — which, in classic economic terms, should have brought prices at the pump down. So what caused the huge spike in oil prices? but the root cause had almost everything to do with the behavior of a few powerful actors determined to turn the once solid market into a speculative casino.
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POPSThe Great American Bubble Machine a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clinton's former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup " which in turn got a $300 billion taxpayer bailout from Paulson. There's John Thain, the asshole chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding; a former Goldman banker, Thain enjoyed a multibilliondollar handout from Paulson, who used billions in taxpayer funds to help Bank of America rescue Thain's sorry company. And Robert Steel, the former Goldmanite head of Wachovia, scored himself and his fellow executives $225 million in golden parachute payments as his bank was selfdestructing. There's Joshua Bolten, Bush's chief of staff during the bailout, and Mark Patterson, the current Treasury chief of staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman director . . .
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POPSGoldman Sachs The Next Bubble But it was only in 2000 and 2001 that the foundation gave money to the Climate Exchange -- funds deemed by the exchange itself to be fundamental to its successful launch, and in fact to its early survival. Having survived, thanks to the million-dollar bailout from Obama and the Joyce Foundation, the Chicago Climate Exchange went on to merge with Climate Exchange Ltd in 2006. Goldman Sachs took a 10% stake in the firm at the time and later increased its holdings to at least 19%. CCX is also 10% owned by Generation Investment Management, a firm founded and chaired by Al Gore and co-founded by the above-mentioned former Goldman CEO, Hank Paulson. According to EnergyRisk.com, "Goldman Sachs is a major trader of European Union allowances and is set to be a key player in the US emissions markets that are planned to start up at the end of the decade."
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POPSGoldman Sachs The Wizard of Oz and primed to spearhead an assault on the mortgage banks, bringing suits against any suspected of practicing unlawful discrimination, whether on the basis of race, gender or disability." Goldman Sachs played a major hand in these Clinton-era financial policies through Robert Rubin, former Co-Chairman of the firm, who actually announced them on December 8, 1993. Taibbi wrote in Rolling Stone: During his (Robert Rubin's) tenure at Treasury, the Clinton White House made a series of moves that would have drastic consequences for the global economy - beginning with Rubin's complete and total failure to regulate his old firm during its first mad dash for obscene short-term profits. Taibbi adds that other Goldman graduates played a major hand when the market crashed, including another Goldman-ex turned Treasury Secretary, Henry Paulson: Paulson elected to let Lehman Brothers -- one of Goldman's last real competitors -- collapse without intervention...
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POPSWhose to blame for the housing bubble? Lenders! In my opinion, the housing bubble was caused primarily by one thing - greedy lenders who knew exactly what they were doing and how disastrous the consequences would be long term. This clip from Rolling Stone magazine says it well...
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